Update: At full tilt
Amid heightened concern about European travel uncertainties, PPHE continues to please. Its notably upbeat outlook comment complemented 2015 EBITDA well ahead of expectations and a clear pointer to substantial hidden reserves (management’s indicative ‘fair value’ adjustment on book value properties of c £8.90 per share). There was reassurance in confirmation of momentum and justifiable enthusiasm about transformative investment (over 1,000 new rooms this year with abundant opportunity at attractive funding rates). Despite recent price strength, PPHE’s valuation is low in terms of EV/EBITDA and at a marked discount to real asset value.PPHE Hotel Group is a hospitality company. Through its subsidiaries, jointly controlled entities and associates, Co. owns, co-owns, leases, operates, franchises and develops hotels in cities, regional centers and select resort destinations, primarily in Europe. The majority of Co.'s hotels operate under the Park Plaza or art'otel brands. The art'otel brand is wholly owned by Co. Co. has a licence from Carlson Hotels to develop and operate Park Plaza Hotels & Resorts in 56 countries in Europe, the Middle East and Africa. As of Dec 31 2017, Co.'s portfolio of owned, co-owned, leased, managed and franchised hotels comprised 39 hotels providing a total of nearly 9,000 rooms.
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